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doc. Ing. Miroslava Rajčániová, PhD.
Identification number: 1489
University e-mail: miroslava.rajcaniova [at]
associate professor CSc./PhD. - Department of Economic Policy (FEM)

Contacts     Graduate     Lesson     Final thesis     Bodies     Supervised theses     

Basic information

Basic information about a final thesis

Type of thesis: Diploma thesis
Written by (author): Ing. Miroslava Nemsilová
Department: Department of Economics (FEM)
Thesis supervisor: doc. Ing. Miroslava Rajčániová, PhD.
Opponent:doc. Ing. Artan Qineti, PhD.
Final thesis progress:Final thesis was successfully defended.

Additional information

Additional information about the final thesis follows. Click on the language link to display the information in the desired language.

Language of final thesis:English

Slovak        English

Summary:Submitted diploma thesis is focused on exploring the financial pre-feasibility study of farm scale biogas plant for the Slovak market. The main aim of this diploma thesis is to show potential investors, owners and financial institutions that feed-in tariff is not only one variable parameter, which is important to know for decision making process. In addition, the purpose is to acquaint actors of the market with various alternatives of financing projects, which brings advantages and disadvantages and familiarize them with the risk factors that affect the feasibility of the project. Moreover the purpose is that the thesis bring recommendations how can be the financial feasibility of the project improved. The thesis covers the basic knowledge of producing biogas, as well as describing current condition in the Slovakia within number of biogas plants built, legislation and financing of installations. Obtained facts and figures are then used for calculations payback period, net present value and internal rate of return for various options of financing. There are given some advantages and disadvantages and determining the risk factors for main options of financing project. In conclusion the result from research is presented. Based on financial analysis it can be concluded that the feed-in tariff is not the only one decision factor. The investment project is also very sensitive to changes in volume of initial investment, biomass or maintenance costs. Change one of the above mention variable factors by 10%, ceteris paribus for the rest variables, would have extremely effect on NPV, IRR and PBP and would cause that the project can becomes unfeasible or feasible. The project can be mainly financed by internal sources, external investors, funds, or by bank loan and their mutual combinations. The project is feasible in many circumstances. Additional sales of heat (in the amount of 50%) and digestate, could reduce the payback period of more than 2 years and thus enhance the feasibility of the project. In some cases, the project may become feasible if we reduce the operational costs by effective combination of feedstock.
Key words:Farm scale biogas plant, Financial feasibility study, Options for financing

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